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Ariana Resources plc : KIZILTEPE RESOURCE UPDATE
Ariana Resources plc : KIZILTEPE RESOURCE UPDATE.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : KIZILTEPE RESOURCE UPDATE25 April 2016AIM: AAUSUBSTANTIAL INCREASE IN KIZILTEPE RESOURCEAriana Resources plc (\"Ariana\" or \"the Company\"), is pleased to announce an increase and update of its JORC compliant Mineral Resource estimate for the Kiziltepe Project following its recent drilling programme in Turkey. Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co. and will be 50% owned by Ariana once mine construction is completed in H2 2016.Highlights:Overall increase in Mineral Resource estimate of c. 44,500 oz Au and 886,000 oz Ag to a total of 195,200 oz Au and 3.15Moz Ag contained metal on four main veins, excluding existing resources on several subsidiary veins such as Kepez.*Substantial increase in tonnage (to c. 2.5Mt) with a corresponding reduction of grade (to c. 2.5 g/t Au and 40.3 g/t Ag) as a result of adoption of revised geological model.Large increase (approx. 45%) in volume of new Whittle-generated pit shells in comparison to designed pits, notably Arzu North and Derya.Whittle base case optimisation demonstrates a potential increase in mine life from c. 8 years to c. 10 years at a designed throughput rate of 150,000 tonnes per annum. Dr. Kerim Sener, Managing Director, commented: \"Following the completion of an extensive review of our geological model and the addition of new drilling data, this result is a very pleasing update on our resource estimate for the Kiziltepe Mine. Importantly, the discovery cost of these additional ounces is approximately US$5 per ounce, which demonstrates the very cost-efficient exploration we are able to conduct on this project.The resource update, in addition to Whittle optimisation work, demonstrates the potential for Kiziltepe to provide for a mine life of about 10 years at the designed throughput rate of 150,000 tonnes per annum. This also excludes several subsidiary veins on which we have already established resources, which with further work may add further to mine life. With the enlarged resource and with expectations of further resource growth, we are now reviewing our options to potentially increase the mine throughput rate up to 200,000 tonnes per annum with our partners, Proccea. Meanwhile, construction at the...